After receiving your Order of Discharge, safeguard it as you would any other important document.
If it's been longer than 60 days and you continue to receive credit card statements from store cards and/or medical bills.
If a home or vehicle was surrendered in bankruptcy, you will continue to receive Notices regarding the disposition of the loan and/or physical property until the matter is concluded. While your financial obligation has ended, it may take time to finalize the surrender.
Contrary to popular belief, your credit score increases after discharge.
Approximately thirty percent (30%) of your credit score is is determined by the amount of debt and utilization of credit lines. Upon discharge, your balances (minus Court obligations and Student Loans) are zeroed out and this percentage drops to zero!
You can monitor your credit score using various free and paid subscriptions. Keep in mind different lenders use different scoring models to determine loan eligibility and interest rates.
To keep your score trending upward:
A Discharge only applies to debts that arose up to the date you filed.
Creditors cannot collect discharged debts - This order means that no one may make any attempt to collect a discharged debt from the debtors personally. For example, creditors
cannot sue, garnish wages, assert a deficiency, or otherwise try to collect from the debtors personally on discharged debts. Creditors cannot contact the debtors by mail, phone, or otherwise in any attempt to collect the debt personally. Creditors who violate this order can be required to pay debtors damages and attorney's fees.
Remember, you may receive Notices regarding the disposition of debts such as surrendered home or vehicle. This is not an attempt to collect a debt and the reason why you're receiving this notice is typically stated prominently to avoid confusion.
Some debts are not discharged:
Co-Obligors – A discharge does not stop creditors from collecting from anyone else who is also liable on the debt.
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